Browsing by Subject "kauppa"

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  • Kultti, Klaus; Takalo, Tuomas; Vähämaa, Oskari (2018)
    Bank of Finland Research Discussion Papers 20/2018
    We study the ability of competitive coordination service platforms (such as auction sites and real estate agents) to facilitate trade in a directed search model where buyers have unit demands and each seller only has one good to sell. The sellers’ capacity constraint leads to a coordination problem as in a symmetric equilibrium without intermediation some sellers receive multiple buyers while some are left without any customers. We compare this equilibrium to one where sellers and buyers can choose to become intermediaries who coordinate the meetings. We find that roughly 20 percent of agents become intermediaries. As a result, a large part of the supply and demand in the economy vanishes. Moreover, the large amount of intermediaries actually reduces the meeting efficiency. Jointly, these effects imply that the gains from trade are roughly 25 percent lower than in the economy without intermediation.
  • Kultti, Klaus; Takalo, Tuomas; Vähämaa, Oskari (2021)
    Journal of Economics & Management Strategy 2
    Published in BoF DP 20/2018.
    We provide an example where establishing competitive coordination service platforms is so lucrative that they end up reducing welfare. We consider a canonical directed search model in which buyers have unit demands and sellers' capacity constraint leads to a coordination problem: in a symmetric equilibrium without intermediation some sellers receive too many and some too few buyers. We compare this equilibrium to one where sellers and buyers can choose to become intermediaries who coordinate the meetings. In this setup, roughly one‐fifth of agents become intermediaries. As a result, a large part of the supply and demand in the economy vanishes. Moreover, the large amount of intermediaries actually reduces the meeting efficiency. Jointly, these effects imply that the gains from trade are lower than that in the economy without intermediation.
  • Finanssivalvonta; Markkina- ja menettelytapavalvonta (2017)
    Finanssivalvonta. Markkinat-tiedote 3/2017
    Ajankohtaista ESMAssa 1 LEI-tunnuksen käyttötarve yleistyy 1 Listayhtiötilaisuudet 3